Act now to maximize depreciation-related tax breaks for 2022
Abstract: Current tax law allows two valuable depreciation-related deductions on purchases of equipment, tools, machinery and other assets essential to construction companies. But contractors will need to move fast to make the most of them. This article discusses the latest details on the Section 179 expensing election and bonus depreciation. A sidebar notes that, under some circumstances, construction companies might want to skip these tax breaks.